Book Description
A step-by-step action plan to quick and lasting recovery after personal bankruptcy. Indexed.


From the Publisher
You can establish mainstream credit after bankruptcy...in less than eight months. Whether you filed bankruptcy several years ago or last week, this book will show you how to make a dramatic and lasting recovery. Stephen Snyder and his wife Michele, each had their Chapter 7 bankruptcy discharged in 1993. They were both so cash poor at the time they had to borrow money from their families to file. Then, within eight months they mortgaged a home at six percent, leased two new cars, and obtained bank loans, major bank cards, start-up capital for a small business, and more all using mainstream credit and without the aid of high-interest credit companies. Today they give, save, and invest 30 percent of their income live off 70 percent. They consistently maintain a debt-to-income ratio well below 20 percent. And, they are paying back their bankruptcy debt with interest. Our advice works. We know because we've been there. This book gives you not only the knowledge and tactics to recover from personal bankruptcybut practical, easy-to-use principles to manage your money and build wealth.


From the Author
Credit After Bankruptcy is unique because we filed bankruptcy ourselves and recovered quickly using the same techniques contained in this book. Our winning strategy relies on using reputable, mainstream credit - the kind underwriters want to see in your credit report.


From the Inside Flap
It's very easy for the newly bankrupt to look to high-interest credit companies for help. But that can be a costly mistake. As Stephen and Michele discovered, there are reputable credit providers who'll help you re-establish your creditat fair, competitive interest rates. Within eight months, the Snyders were: Approved for two Visa bank cards Approved for a new home mortgage Leased two new cars Approved for a home equity loan from a bank Refinanced their mortgage Approved for personal bank loans Extended a small business loan And much more... More important, all the new credit was obtained at low interest rates from major lenders. They regained control of their finances, began repaying their creditors, and were able to save 30% of their income, too. So effective was their return to financial stability that friends began asking for advice. Soon they were teaching a course in bankruptcy recovery at a local university. The success of their course soon led the Snyders to begin their Credit After Bankruptcy Seminar in cities throughout the Midwest. In 1997, over 2,500 people attended their seminars in ten Midwestern cities. In 1999, they held 56 seminars across the countryto an estimated 28,000 attendeeswith 76 seminars scheduled for 2000.


About the Author
Stephen Snyder, known as "the Bankruptcy Guy," is the expert on regaining credit after bankruptcy. He filed bankruptcy in 1993 and fully recovered in less than six months. A passionate speaker, he now teaches bankrupt debtors throughout the United States how to recover from bankruptcy. He is the founder of the After Bankruptcy Foundation, a nonprofit organization dedicated to educating, encouraging and restoring hope to the 1.5 million bankrupt debtors in America each year. Stephen and his wife Michele currently reside in Indianapolis.


Excerpted from Credit After Bankruptcy by Stephen Snyder. Copyright © 1999. Reprinted by permission. All rights reserved
Our Qualifications to Write This Book There are numerous self-proclaimed gurus out there who want to help you improve a certain aspect of your life. And that's okay, but take the time to understand what makes them qualified for you to listen. Take today's marriage gurus for instance. The July 1998 issue of SELF Magazine published a story on famous authors who give advice on improving marriages. Only one author has never been divorced! The article pointed out that one of the most popular marriage gurus, Beverly De Angeles, is on her fifth marriage. And one of her divorces involved Dr. John Grey, the author of Men are from Mars Women are from Venus. It's important to know what a persons qualifications are before listening to their advice. The only qualifications I have are the results of our actions. Results speak louder than words. Two weeks after our bankruptcies were discharged we held our first major Visa bank card issued from a bank. In less than 60 days after our bankruptcies were discharged we established new accounts with another bank that extended to us: free checking accounts, Visa debit cards, and several bank loans. In less than 90 days after my bankruptcy was filed we mortgaged a beautiful home in Indianapolis through a reputable mortgage lender at 10.5% interest. Six months after we closed on our mortgage we refinanced it to a 6% adjustable-interest rate, reducing our mortgage payment from $663 to $441 a month. In less than three months after our bankruptcies were discharged we leased a brand-new car from a major car manufacturer at 2.9%. Six months later we leased our second brand-new car at a similar interest rate. We were pre-approved to receive a credit card from a major department store within a few months after closing our mortgage. 18 months after our bankruptcies were discharged we purchased new furniture on credit. 11 months after our bankruptcies were discharged we received a small business loan. 12 months after our bankruptcies were discharged a private investor invested $15,000 into our new start-up business. 13 months after our bankruptcies were discharged a local bank approved us for merchant statuswhich enabled our new business to accept major bank cards as a form of payment. In less than six months after our bankruptcies were discharged we obtained another bank card from a local bank. In less than 12 months after our bankruptcies were discharged we received local store credit to purchase a Nikon camera system. In less than 14 months after our bankruptcies were discharged we were able to gain cellular telephone service without a security deposit. In less than 18 months after our bankruptcies were discharged we established our first brokerage account with one of the top brokerage firms in the country, and automatically received a Visa debit card. In less than 12 months after our bankruptcies were discharged our credit limits began increasing automatically. In less than 17 months after our bankruptcies were discharged we were approved for our third brand-new car at a normal interest rate. Six months later we were approved for our fourth new car. In exactly 24 months after our bankruptcies were discharged we were approved for a $14,000 home equity loan from a local bank at the same interest rate as a person with excellent credit. In 13 months after our bankruptcies were discharged we turned a $500 secured bank card from a local bank into an unsecured bank card with a $5,000 credit limit at 9.9% interest. Six months later the limit was raised to $7,000 with just a 4-minute telephone call. Can you re-establish credit after bankruptcy? Certainly. In fact, its easier to re-establish credit after a bankruptcy than it is for a person who hasnt filed bankruptcy and has poor credit! Let our accomplishments inspire you to reach your goals. Our "re-obsession" with credit was out of necessity. We needed a place to live. We needed a car to drive to work. We needed a bank card when traveling. This book was written to encourage people who have real needs and have been told it cant be done. Or worse yet, you believe that your only option is high-interest finance companies. If all you get out of this book is hope, our objective has been accomplished. By conducting free seminars around the country we have experienced first-hand what our example has doneit has changed people's lives. Don't underestimate hope. The hope of achievement is one of the greatest riches in life! Our example is proof that all things are possible.